PORTLAND, Ore. -- Zupan's 20-year stretch on Southeast Belmont Street will come to a close at the end of January.

According to Doug Obletz, president of Shiels Obletz Johnsen and one of the owners of the building at 3301 S.E. Belmont St., the upscale grocer has come to the end of its lease term and has decided not to continue past the end of this month.

"It's been a good run with Zupan's," Obletz said, noting that the grocer had been one of the original partners in the redevelopment of the Belmont Dairy Building that's been its home for two decades.

The Business Journal left a message with Zupan's Eleanor Wilkinson this morning. Mike Zupan, president of the company, was not expected to be in the office today, likely due to the continuing weather conditions.

Rumors and speculation about the possible closure started trickling out on the social media sites Reddit and NextDoor over the weekend. Various commenters noted that store clerks had spoken of the store's closing and that stock on the shelves appeared to be growing thin.

Obletz said that there had not been a large rent increase on the property, which some rumors suggested was the reasoning behind Zupan's departure.

With the store closing, Zupan's will still have three Portland area stores, including on Southwest Macadam, West Burnside and in Lake Oswego.

Obletz said the building owners are "actively pursuing other tenants" and are "very optimistic." Asked if another grocer might replace Zupan's, he said only that "we are talking to several parties."

"Everything evolves," Obletz said. "The neighborhood is evolving and the property has to evolve, too."

We will update this story as more information becomes available.

Jon covers real estate for the Portland Business Journal. Sign up for his daily newsletter to hear about new projects and get behind-the-scenes looks at Portland's rapidly changing built environment.